>>372714>You can get waterstones about as fine as most polishing compound, can't you?Shapton makes a 30,000 grit (0.5 micron) stone; I go to 8,000 grit (2 micron) and then a 1 micron boron carbide paste on a leather strop. I know of 0.125 micron compound but I've never used it.
For sharpening carbon steel, I think japanese waterstones are tops. Yes, there are cheaper options that will provide good results, but I don't know of anybody who's switched back once they try waterstones.